SF 2982

as introduced - 89th Legislature (2015 - 2016) Posted on 03/25/2016 09:21am

A bill for an act
relating to taxation; individual income; allowing a credit for certain expenses
of teachers; amending Minnesota Statutes 2014, section 290.06, by adding a
subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2014, section 290.06, is amended by adding a
subdivision to read:

Subd. 37.

Credit for teacher expenses.

(a) A credit is allowed against the tax
imposed under this chapter equal to 50 percent of the amount that the taxpayer is allowed
to deduct under section 62(a)(2)(D) of the Internal Revenue Code, as amended through
December 31, 2015, for the taxable year.

(b) If the credit allowed under this subdivision exceeds the liability for tax under this
chapter, the commissioner shall pay the excess as a refund to the taxpayer.

(c) An amount sufficient to pay the refunds required by this subdivision is
appropriated from the general fund to the commissioner of revenue.

EFFECTIVE DATE.

This section is effective for taxable years beginning after
December 31, 2015.